Acushnet (GOLF) Q2 2026 earnings summary

Executive summary

• Second quarter net sales reached $820.0 million, up 13.8% year-over-year, driven by strong growth in Titleist golf equipment, new product launches, and tariff refunds.

• First half net sales totaled $1.57 billion, up 10.5%, with robust demand across all segments and regions.

• Net income for Q2 was $124.8 million, up 65.1% year-over-year, with EPS rising to $2.09.

• Adjusted EBITDA for Q2 was $208.6 million, up 45.8%, with margin expanding to 25.4%.

• Strategic investments continue in manufacturing, customization, automation, and technology platforms.

Financial highlights

• Q2 gross profit was $445.8 million, with gross margin at 54.4% (up from 49.2%); first half gross margin was 50.9%.

• Adjusted EBITDA for the first half reached $353.1 million, up 25.2%, with margin at 22.5%.

• Operating cash flow for the first half was $107.4 million; capital expenditures were $37 million.

• Inventory decreased to $532 million as of June 30, 2026, from $609 million at year-end 2025.

• Diluted EPS for Q2 was $2.08, up from $1.25 year-over-year.

Outlook and guidance

• Full-year 2026 net sales expected between $2,650 million and $2,675 million, with adjusted EBITDA projected at $450–$470 million.

• Constant currency net sales growth forecasted at 3.4%–4.3%.

• Outlook includes approximately $30 million in Net IEEPA Tariff Refunds for 2026.

• Second half net sales and adjusted EBITDA expected to decline low single digits year-over-year due to timing of GTS launch.

• Free cash flow conversion expected at 40%–50% of adjusted EBITDA.